Happy Friday. Gensler is gone, subcommittees are formed, Ross is free, SAB 121 is repealed, and the Strategic Reserve is now under evaluation (see below). It’s been a busy – and promising – week for crypto enthusiasts.
The only question: How will this momentum keep rolling?
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5. Trump Orders Working Group to Evaluate Crypto Stockpile
On Thursday, President Donald Trump ordered a working group to propose federal regulations for “digital assets” and evaluate a national crypto stockpile. Craft Ventures' David Sacks, Trump's pick for crypto and AI “czar,” will lead the working group. What started as a Strategic Bitcoin Reserve looks increasingly like the government just holding the tokens they have already confiscated. It's not what we wanted, but it's still a big deal.
Alex Thorn @intangiblecoins
“stockpile” is jargon that means holding what they have, but not necessarily buying anything
according to @arkham, here’s all the coins that the USG holds over $1m
8:45 PM • Jan 23, 2025
1.04K Likes 216 Retweets
129 Replies
4. Ross Ulbricht Speaks
Ross Ulbricht, the founder of Silk Road who was recently pardoned by Donald Trump, has released a heartfelt note via X that you can watch here.
Ross Ulbricht @RealRossU
2:02 AM • Jan 24, 2025
168K Likes 22.8K Retweets
8.47K Replies
3. U.S. Banks Can Now Officially Hold Bitcoin
The SEC's Accounting Bulletin No. 121 (SAB 121) required banks to treat Bitcoin as a liability, making it costly and impractical to hold. Yesterday's repeal means banks can buy and custody Bitcoin like other assets. While this is great news, we also highly suggest Preston Pysh's latest piece on why rehypothecation must not be allowed now.
2. THORChain Solvency Fears
Cross-chain liquidity protocol THORChain has frozen its Lending and Saving products after community members flagged potential insolvency issues. With about $200 million in liabilities backed by only $107 million in liquid assets, fears of another Terra/LUNA blow-up began circulating. THORChain’s token, RUNE, briefly plunged to $2 before a partial recovery (still down ~50% over the last seven days). To stabilize the system, leadership plans to restructure over 90 days, aiming to gradually shore up RUNE and restore confidence. The pause won’t affect the project’s core DEX operations, which some say remain profitable enough to cover the gap.
1. Watch Out Below
Yesterday, the S&P 500 closed at its first record of 2025. But it’s not the only thing hitting records: Fartcoin, Butthole coin, Microstrategy, TRUMP, MELANIA, Nvidia… are bubbling as well. Even Coinbase’s CEO is on X, discussing how BTC is better than gold. And sure, he’s probably right, but it’s at this time when it’s worth taking a step back and making sure you aren’t falling into the curse of thinking you know more than you do. Like, for example this ridiculous nihilistic tweet from Pomp.
Bitcoin and Ethereum have reigned supreme for almost a decade, but there’s a new contender on the rise – one already backed by giants like Visa, PayPal, and Franklin Templeton.
With its cutting-edge tech powering adoption from Google, Fidelity, and Shopify, it could become a household name sooner than you think. If 2025 is set to be crypto’s biggest year, this coin stands to benefit the most.
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